Resource gaps and overallocation. Within your sales pipeline, you may notice some salespeople are focused on leads who may never convert while unintentionally neglecting prospects who are eager to purchase your products and services and tend to sign larger contracts and deals. Find out ways to better utilize your team’s time to drive better results long-term.
“Aligning marketing and sales during the sales funnel does more than just align the teams — it creates better business outcomes,” said Mathew Sweezey, Principal of Marketing Insights at Salesforce. His stance is validated by a SiriusDecisions study that found brands with tightly aligned sales and marketing operations achieve 24% faster three-year revenue growth and 27% faster three-year profit growth. The three easiest ways to ensure marketing and sales alignment will succeed is a common language, co-created shared programs, and a policy to abide by a service level agreement.
If a sales opportunity does not move down the funnel, the sale will not happen and the opportunity should be removed, hence the “leaky” funnel. A leaky funnel is not necessarily bad; as a salesperson, you want to focus on opportunities that are likely to yield results. It is the nature of sales to have to remove an opportunity from your funnel. It does not mean that you will not sell to that account (a positive action by the customer can put them back into the funnel), but for the time being, you should centre your attention on opportunities that remain in the funnel.
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Instapage – Instapage allows you to create landing pages at lightning-fast speeds with their large library of customizable templates. This tool also allows you to create fast-loading AMP landing pages which reduces bounce rates and increases conversions. The platform also provides post-click optimization for campaigns that send out a personalized thank you page and email. This is a useful sales funnel step for later on in the process.
Probability to close. Even if your sales team has hundreds of high-value leads in the pipeline, salespeople may not be successful in winning a majority of those opportunities. Estimate how likely each lead is to convert into a customer based on your team’s conversations with them, their current stage in the sales pipeline, and other criteria that signal their eagerness to strike a deal.
sales funnel explained
According to this research by McKinsey, a customer narrows down their options based on the initial consideration (brand awareness) and active evaluation (seek information about the products/services). When both of the former factors are in place, it leads to a purchase decision a.k.a sales, albeit just for that moment. This then needs to continue towards the next stages in the sales funnel, .i.e. customer engagement and customer loyalty.
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You need to understand your audience like you do your very own yourself. You are aware of your dislikes and likes, you know what problems you face and you know the sort of people you will let help with those problems. If you learn to know your audience in the same manner, the chances of you establishing a genuine connection increase vastly. You will also be able to guide more people through your sales funnel and get those coveted ‘closed-wons’.
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Create content and use tactics that help to keep them connected with your brand, even when they are not actively engaging with it. One of the most effective ways to boosts engagement is through Newsletters. This will keep them up-to-date about your latest products and discounts, major sales that they shouldn’t miss or any changes you make with regards to the terms & conditions of your service.
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These metrics closely relate to each other. For example, the number of deals in your funnel matters only if you know what percentage of your deals you win on average. The average size of a deal impacts the amount of deals you should be closing in order to hit your revenue goal. And sales velocity helps you understand how much of your time can and should go towards each quality deal, so you can manage your days effectively.
By now, most marketers understand the importance of mending the traditional rift between sales and marketing. The mistrust and miscommunication that’s so often found between the two teams can act like an anchor on your company’s growth rate. In fact, organizations with good alignment between sales and marketing teams achieved 20% annual revenue growth in 2010, according to a study by the Aberdeen Group. By contrast, companies with poor alignment saw revenues decline by 4%.
Visual Website Optimizer – As a smart marketer, you already know that it’s important to test different versions of your website design to see which one works best. That’s why Visual Website Optimizer is so valuable. It uses heatmaps to show you which design elements on your site are getting the most attention. VWO also enables you to receive feedback from visitors so that you can see exactly which parts of your site need improvement and which parts are working well. This is a critical sales funnel step that can help you pinpoint any problem areas on your site and even expedite your company’s growth.
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A sales funnel enables alignment between marketing and sales. Remember, your prospect can get in touch with you in any moment of their customer journey, whether it’s early research or late decision stage. This is why it’s crucial to align your marketing and sales efforts so that they receive the information they need even when you don’t have the ability to deliver it directly as a sales person.
The execution of sales funnel stages depend on your efforts and resources. By improving brand visibility and making information related to your product/service readily available, you can build a strong database of customers and prospects. This can help you set and achieve future goals. More importantly, it is also essential to focus beyond the purchase stage, as it is relatively cheaper to retain an existing customer than acquire a new one.